Venture Concept No. 2

Venture Concept No. 2: Bids to Benefit

1)   As you all know by now, the name of my business venture is `Bids to Benefit’. This idea was conceived by my realization of the completion of everyday tasks demanded by the student body. Most students that come to college are experiencing what it is like to live on their own for the first time in their lives. Yes, parts of it are glamorous but beside the fact that you don’t have parents breathing down your neck anymore, more responsibilities are acquired from this freedom trade-off. All of a sudden you have to do the dishes, clean your bathroom, laundry, cook, remind yourself to do homework, etc. We all know the list could go on for days. This demand of tasks to be completed within the time constraint caused by the involvement of upper-level academics is where my business venture profits off of opportunity. The needs of the student body/my clientele are probably more along the lines of being sacrificed than met. For this business concept, I like to put myself in their shoes. If I have been studying all week with no time for anything else and there is a football game on Saturday, I am sacrificing chores for football, no doubt. This is where `Bids to Benefit’ comes in. This app creates the opportunity for students to bid out any type of household chore to another student who has time and is willing to do it at the right price. This app provides the opportunity for the student to study all week, catch the football game on Saturdays, and come home to a clean apartment. Also, as I have said in my previous elevator pitches, this app isn’t just for chores. `Bids to Benefit’ provides opportunities for people to work with tutors and personal trainers as well.

   The part of `Bids to Benefit’ that holds a high level of innovation is the delivery of the services. `Bids to Benefit’ is the Uber of services with a twist of eBay. First and foremost, the targeted market for the app is the student body of UF. In order to use the app, you must provide your student ID. This tactic works as a barrier to entry and allows students to feel more comfortable using the app knowing that they are doing business with a fellow student versus a random person. After the identity validation process, you have now gained access to place or take a bid. For example, I place a bid on my kitchen to be cleaned. The bidder will view what we call a “bid profile”, which is a written description, pictures of the job you would like completed, and desired price. Once someone has decided the job is worth it, a bid is placed. Students can bid up or down against you or their competitor for this opportunity to earn extra cash or have your kitchen cleaned. Once the bid is finalized `Bids to Benefit’ will charge a 10% service fee on every transaction to generate revenue.

   This venture concept catches the student eye for many reasons but one reason, in particular, lack of commitment. Students are already committed to their studies, adding a job may be too much for some. If you are a UF student looking for extra cash, get on `Bids to Benefit’. Say you have surpassed your monthly budget but you still need money to take your crush out on a date. Remember, as a student, there is not much time to commit to a job. So, you get on the ‘Bids to Benefit’ app, pick up a kitchen cleaning job for $50 and you are all set. This business conception also bypasses the nagging financial advice parents insist on providing when your monthly spending exceeds the limit. This app is here not only to bypass parental financial advice(haha) but to bypass the commitment of a job and the consequences of living in a pigsty. It's honestly a win-win situation. From an administrative standpoint, I will need to monitor transactions and make sure everything is running smoothly. Once the kinks are worked out the app should operate by itself. 

2) The constructive criticism I received on my first venture concept was positive. In the comments below I was told that the market I am approaching is good and my predicted way to initially run the business was approved by my peers. Also, I was complimented on how well I explained the 3 points.

3) I did not change my venture concept. Based on feedback, my peers said there was nothing to change. I also read over my venture concept again and didn't see anything I would change. 

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